Torch Offshore Announces Shipyard Conversion Contract

Wednesday, December 04, 2002
Torch Offshore, Inc. announced that its subsidiary, Torch Express L.L.C., has entered into a contract with Davie Maritime Inc. of Quebec, Canada for the conversion of the Midnight Express at a cost of approximately $37.0 million. The total cost of the entire conversion project, including anticipated financial costs, will be between $80.0 million and $90.0 million. The 520-foot LASH (heavy transport) vessel will be converted into a DP-2 offshore construction vessel with the capability to work in varying water depths throughout the world. The Midnight Express has been at the Davie Maritime shipyard since April 2002 where the functional design was being performed. Some of the conversion work will begin immediately; however, the complete contract will not become effective until various conditions are satisfied, including arrangements for the required debt financing for the project. Torch Offshore, Inc. Chairman and CEO, Lyle G. Stockstill, commented, "We have worked very closely with the management of Davie Maritime and their technical staff for several months and we are pleased with their professionalism and the way in which they have tackled the project. We are confident that the personnel of Davie Maritime will do a good job with the conversion of the Midnight Express. The current schedule should put the Midnight Express in the water and ready for work in the fourth quarter of 2003. The company is quite excited about the future possibilities that this vessel brings to our fleet."
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Offshore Driller Noble Corp Q1 Earnings Beat Forecasts

Noble Corp., a leading offshore driller, reported first-quarter net income on Wednesday of $0.99 a share, higher than consensus forecasts, as new rigs helped lift revenues.

WireCo Acquires Netherlands’ Endenburg

Company will open new crane distribution center WireCo WorldGroup Inc., the world’s leading producer and marketer of specialty steel ropes and high synthetic ropes,

Keppel Q1 Profits Dip Slightly

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million,

Offshore

Offshore Driller Noble Corp Q1 Earnings Beat Forecasts

Noble Corp., a leading offshore driller, reported first-quarter net income on Wednesday of $0.99 a share, higher than consensus forecasts, as new rigs helped lift revenues.

Keppel Q1 Profits Dip Slightly

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million,

US: $4B in Loan Aid for Renewable Energy

The U.S. Energy Department on Wednesday unveiled a plan for up to $4 billion in loan aid for renewable energy companies to help rejuvenate a program that faced

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1758 sec (6 req/sec)